Using Outsourced Payment Processing
You’ve got a business to run so please check these reasons to use outsourced payment processing. With products, customers, clients, employees, deadlines, and so much more, there’s a lot to keep focused on—and then some. Ensuring the smooth and successful day-to-day operations of your company is no simple task.
That’s why so many companies choose to outsource payment processing, which allows more time and energy spent on what matters most, like your customers. Additionally, outsourcing your payment processing also ensures that a team of trained and trusted professionals is there to handle the safe and secure processing of all your payments, documents, and accounts payable needs.
What is Outsourced Payment Processing?
When a business wants to save time and resources, they often turn to a payment processing partner. This can provide the company with many benefits, not only saving on time and money, such as ensuring the security of mailing and payments, tax document management, delivery of checks, and the use of innovative software that makes payment processing more straightforward and more direct. It also never hurts to work directly with professionals who can work with you and know how to communicate processes effectively.
Like any aspect of your business, there are specific methods and strategies to optimize your experience with outsourced payment processing. We’ve assembled a list of six tips to make your business run smoother by improving your outsourced payment processing.
Address Cleansing
Is that a zero or the letter O? Even the smallest error in an address can result in a missed payment, and when sensitive information is involved, it becomes even more serious. That’s where address cleansing comes in handy. Address cleansing uses CASS software to match each address against the USPS database. If a discrepancy is found, that piece of mail will be held in a secure queue until corrected, ensuring your mail will never be sent out into obscurity. Not only does this keep your professional documents secure, but it also allows you to worry about one less thing, knowing that you have a partner in maintaining a careful eye on contacts and mailing.
Outsourced Payment Processing: Positive Pay
Fraudulent checks are a concern for any business or individual—and it’s no small matter. The FBI reported that losses from fraudulent checks total roughly 18.7 billion dollars—every year. To combat fraudulent checks, consider implementing positive pay. This tool detects fraudulent checks by matching aspects of a check, such as a check number or account number, to an existing record. If there isn’t a match, the bank will hold the check and possibly even take further action to respond to the fraudulence. Even one fraudulent check can cause the rest of your checks to bounce, making it critical to keep tabs on each one through security measures.
Check Printing Software
Check printing and mailing is essential; however, organizing, processing, and printing checks can take up valuable hours from your workday—not to mention opening up the opportunity for error. That’s why outsourced payment processing companies use advanced check printing software to save you time and peace of mind. Check printing software can eliminate duplicates, track payments, and even send rush payments, all from the cloud technology’s security and convenience. Checking software also allows you to manage and access your information all from one convenient interface, simplifying the overall process.
Tax Documents
Who doesn’t love tax season? With W-2s, 1099s, to 1040s, the intricacies of tax documents and annual changes to tax codes can easily lead to confusion. Not only that but missing a tax deadline can also be a very costly and unnecessary slowdown for your business. A competent outsourced payment processing partner can ensure the complete and timely submission of tax documents to keep the IRS off your back. Many even will still work with you if you’ve missed the filing deadline. Working with an outsourced payment processing partner can let you breathe a little easier during everyone’s favorite time of the year.
Statement Printing and Mailing
Businesses run through documents. With invoices, statements, tax documents, and more, it’s easy to get lost in a whirlwind of papers and forms when your business should be focusing on other tasks and responsibilities. Yet, while you may want your employees working on other tasks, the successful management and distribution of these documents are essential. Statement printing and mailing services come into play to help your company save time and resources to manage and deliver important documents. Let a trusted outsourced payment processing partner be by your side for each step and every document.
Sending Paper Checks with Extra Security Features
As previously mentioned, fraudulent checks lead to the loss of over a billion dollars for companies and individuals every year. The ironic part is that, even though technology has made the actual printing and use of checks less common, it has also enabled fraudsters to more easily craft fake checks. With just a laptop, a printer, and some check paper, it’s easier than ever to produce fraudulent checks. On top of that, information on how to do so is readily available online. That’s why ensuring safety with additional security features on your checks is so vital in today’s world. Some of these additional security features include reactive ink, ultraviolet paper, microprint verbiage, or more intricate check designs. Outsourced payment processors specialize in making checks as secure as possible.
Running a successful business is, in many ways, the ultimate juggling act—keeping your eyes, your focus, and attention on multiple balls in motion. Let one drop, and they could all come crashing down. Why not pass one of those off to a trusted, professional partner in outsourced payment processing? Whether it’s check mailing and printing services, tax documents, direct deposit automation, address cleansing, or any other service needed for accounts payable, consider reaching out to an outsourced payment processing partner. Who couldn’t use an extra hand?
